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            <span style="color:#333399;font-size:9pt;font-style:italic;font-weight:bold">FIEL Macroeconomic<br>Forecast</span>
            <br><br>
            <img border="0" src="images/fotos/servicios3.jpg">
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            <div id="p1">
            <p style="text-align:justify">
				FIEL (Latin-American Foundation for Economic Research) introduces FMF in 1995: a permanent and updated system of macroeconomic and sectoral forecasts of the Argentine economy.
            </p>
            <p style="text-align:justify">
				These forecasts will cover up to one hundred economic variables, based upon three scenarios of the domestic economy and its insertion in the international market place, labeled as 'more probable', 'optimistic' and 'pessimistic'. 
            </p>
            <p style="text-align:justify">
                The horizon of the forecasts is three years, according to the following schedule:
            </p>
            </div>
            <div id="p2" style="display:none">
            <p style="text-align:justify">
                <ul>
                <li>
					The April Briefing will be available on April each year. This briefing will include the actual figures for the previous year and forecasts for the current year and for the two following years, but only for a set of selected variables.
				</li>
                <br><br>
                <li>
					The First Issue will be available on July every year. This issue will include forecasts for the current year and for the two following years.
                </li>
                <br><br>
                <li>
					The October Briefing, available on April each year, will forecast selected variables for the current period and a horizon of two years.
                </li>
                <br><br>
                <li>
					The Second Issue will be available on December each year. Preliminary data on the current year will be included, as well as forecasts for the three following years.
                </li>
                </ul>
            </p>
            </div>
            <div id="p3" style="display:none">
            <p style="text-align:justify">
                Each annual subscription includes:
                <br><br>
                <ul>
                <li>
                    Two main documents edited with <a class="celeste" href="/publicaciones/Varios/FMF_Contents.pdf" target="_blank">text, pictures and graphs</a> in English.
                </li>
                <br><br>
                <li>
					Two additional issues (which ones can, or cannot  include only selected  variable) with text, pictures and graphs in English.
                </li>
                <br><br>
                <li>
					Two Semester Meetings of Macroeconomic and Sectoral Analysis, addressed by FIEL economists. Each one of these meetings  will take place within the 20 days after the main issues has been released.
                </li>
                </ul>
            </p>
            </div>
            <div id="p4" style="display:none">
            <p style="text-align:justify">
				The annual cost of a subscription of the product is of 6.500 pesos for sponsors of FIEL and 9.600 pesos for those non sponsors and resident organizations in the country.  For non resident companies in the country the cost is of U$S 1300 for the sponsors and U$S 2500 for which they are not.
            </p>
            <p style="text-align:justify">
                For more information contact:  Lic. Cynthia Moskovits, <a class="celeste" href="mailto:fmf@fiel.org.ar">fmf@fiel.org.ar</a>.
            </p>
            </div>
            <div id="p5" style="display:none">
            <p style="text-align:left">
                <span style="color:#fe9900;font-size:8pt;font-weight:bold">
                Table 1 ARGENTINA Gross Domestic Product, Global Supply and Demand (Billions of 1993 Prices and annual percentage change) 
                </span>
                <br><br>
                GDP at market prices 
                <br>
                Imports of Goods and NFS 
                <br>
                Exports of Goods and NFS 
                <br>
                Gross Fixed Investment 
                <br>
                Consumption 
                <br>
                Change in Inventories and Statistical Error 
            </p>
            <p style="text-align:left">
                <span style="color:#fe9900;font-size:8pt;font-weight:bold">
                Table 2 ARGENTINA Gross Domestic Product, Global Supply and Demand (Billions of Current Prices and annual percentage change) 
                </span>
                <br><br>
                GDP at market prices 
                <br>
                Imports of Goods and NFS 
                <br>
                Exports of Goods and NFS 
                <br>
                Gross Fixed Investment 
                <br>
                Consumption 
                <br>
                Change in Inventories and Statistical Error 
            </p>
            </div>
            <div id="p6" style="display:none">
            <p style="text-align:left">
                <span style="color:#fe9900;font-size:8pt;font-weight:bold">
                Table 3 ARGENTINA GDP Composition at Constant Prices (Billions of 1993 Prices and annual percentage change)
                </span>
                <br><br>
                GDP at Factor Cost 
                <br>
                Goods 
                <br>
                Agriculture 
                <br>
                Fish 
                <br>
                Mining 
                <br>
                Manufacturing 
                <br>
                Construction 
                <br>
                Electricity, Gas and Water 
                <br>
                Services 
                <br>
                Commerce 
                <br>
                Hotels and Restaurants 
                <br>
                Transport, Storage and Communications 
                <br>
                Financial Intermediation 
                <br>
                Rental Services 
                <br>
                Government and Other Services 
                <br>
                Plus: Value Added Tax 
                <br>
                Plus: Import Taxes 
                <br>
                Minus: Services of Indirect Financial intermediation 
            </p>
            </div>
            <div id="p7" style="display:none">
            <p style="text-align:left">
                <span style="color:#fe9900;font-size:8pt;font-weight:bold">
                Table 4 ARGENTINA Sector Prices (Index Number Base 1993=1) 
                </span>
                <br><br>
                GDP Deflator 
                <br> 
                Goods 
                <br> 
                Agriculture 
                <br> 
                Fish 
                <br> 
                Mining 
                <br> 
                Manufacturing 
                <br> 
                Construction 
                <br> 
                Electricity, Gas and Water 
                <br> 
                Services 
                <br> 
                Commerce 
                <br> 
                Hotels and Restaurants 
                <br> 
                Transport, Storage and Communications 
                <br> 
                Financial Intermediation 
                <br> 
                Rental Services 
                <br> 
                Government and Other Services 
            </p>
            </div>
            <div id="p8" style="display:none">
            <p style="text-align:left">
                <span style="color:#fe9900;font-size:8pt;font-weight:bold">
                Table 5 ARGENTINA Manufacturing Industry - FIEL Industrial Production Index (Index Number, 1993=100 and annual percentage change)
                </span>
                <br><br>
                Manufacturing Production Index (FIEL) 
                <br>
                Food Products 
                <br>
                Automobile Industry 
                <br>
                Oil Processing 
                <br>
                Metallic and Transport industry 
                <br>
                Nonmetallic Minerals 
                <br>
                Paper and Printing 
                <br>
                Chemical, Rubber, Plastic 
                <br>
                Ferrous Industry 
                <br>
                Tobacco 
                <br>
                Textiles 
            </p>
            </div>
            <div id="p9" style="display:none">
            <p style="text-align:left">
                <span style="color:#fe9900;font-size:8pt;font-weight:bold">
                Table 6 ARGENTINA Employment, Labor Income and Capacity Utilization (Annual Growth Rates and %)
                </span>
                <br><br>
                Employment (thousand) 
                <br> 
                Population (thousand) 
                <br> 
                Active Population (thousand) 
                <br> 
                Activity Rate (%) 
                <br> 
                Unemployment Rate (%) 
                <br> 
                Hours per worker - industry (1995:3=100) 
                <br> 
                Capacity Utilization - industry (%) 
                <br> 
                Average Lavor Income Growth 
                <br> 
                Average Labor Cost Growth (US$) 
                <br> 
                Average Labor Income Growth (real) 
                <br> 
                Average Hourly Income Growth (real) 
                <br> 
                Average Productivity per Person 
                <br> 
                Average Productivity per Hour Worked 
                <br> 
                Hours per worker variation (%) 
            </p>
            </div>
            <div id="p10" style="display:none">
            <p style="text-align:left">
                <span style="color:#fe9900;font-size:8pt;font-weight:bold">
                Table 7 ARGENTINA Gross Fixed Investment
                </span>
                <br><br>
                (Billions of Constant 1993 Prices)                
                <br>
                Gross Fixed Investment 
                <br> 
                Construction 
                <br> 
                Machinery, Tools and Transport Equipment 
                <br> 
                (Billions of Current US Dollars) 
                <br> 
                Gross Fixed Investment 
                <br> 
                Construction 
                <br> 
                Machinery, Tools and Transport Equipment 
            </p>
            <p style="text-align:left">
                <span style="color:#fe9900;font-size:8pt;font-weight:bold">
                Table 8 ARGENTINA Consumption
                </span>
                <br><br>
                (Billions of Constant 1993 Prices) 
                <br>
                Consumption 
                <br> 
                &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Public 
                <br> 
                &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Private 
                <br> 
                (Billions of Current US Dollars) 
                <br> 
                Consumption 
                <br> 
                &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Public 
                <br> 
                &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Private 
            </p>
            </div>
            <div id="p11" style="display:none">
            <p style="text-align:left">
                <span style="color:#fe9900;font-size:8pt;font-weight:bold">
                Table 9 ARGENTINA Resource Balance (Billions of US Dollars and Annual Growth Rates) 
                </span>
                <br><br> 
                Resource Balance 
                <br> 
                Exports of Goods and NFS 
                <br> 
                Merchandise Exports (FOB) 
                <br> 
                Non Factor Services 
                <br> 
                Imports of Goods and NFS 
                <br> 
                Merchandise Imports (FOB) 
                <br> 
                Non Factor Services 
                <br> 
                Current Account 
            </p>
            <p style="text-align:left">
                <span style="color:#fe9900;font-size:8pt;font-weight:bold"> 
                Table 10 ARGENTINA Financial Services and Capital Account (Billions of US Dollars and Annual Growth Rates) 
                </span>
                <br><br> 
                Net Factor Service Income 
                <br> 
                Interest Perceived on External Assets 
                <br> 
                Interest Accrued on External Debt 
                <br> 
                Royalties and Dividends 
                <br> 
                Current Transfers 
                <br> 
                Balance on Capital Account 
                <br> 
                Net International Reserves (change) 
            </p>
            </div>
            <div id="p12" style="display:none">
            <p style="text-align:left">
                <span style="color:#fe9900;font-size:8pt;font-weight:bold"> 
                Table 11 ARGENTINA Liquid Reserves, Debt and Country Risk (Billions of US Dollars and Annual Growth Rates) 
                </span>
                <br><br> 
                External  assets of Central Bank 
                <br> 
                External Debt 
                <br> 
                &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Public 
                <br> 
                &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Private 
                <br> 
                Emerging Markets Bond Index Plus (EMBI+) 
            </p>
            </div>
            <div id="p13" style="display:none">
            <p style="text-align:left">
                <span style="color:#fe9900;font-size:8pt;font-weight:bold"> 
                Table 12 ARGENTINA External Trade: Imports (Billions of 1993 constant prices and Annual Growth Rates) 
                </span>
                <br><br> 
                Imports 
                <br> 
                Merchandises 
                <br> 
                Consumption Goods 
                <br> 
                Intermediate Goods 
                <br> 
                Capital Goods 
                <br> 
                Parts & Accessories 
                <br> 
                Energy 
                <br> 
                Non Factor Services 
                <br> 
                Unit Value of Imports 
                <br> 
                Unit Value of Merchandises 
                <br> 
                Unit Value of Consumption Goods 
                <br> 
                Unit Value of Intermediate Goods 
                <br> 
                Unit Value of Capital Goods 
                <br> 
                Unit Value of Parts & Accessories 
                <br> 
                Unit Value of Energy 
                <br> 
                Unit Value of Non Factor Services 
            </p>            
            </div>
            <div id="p14" style="display:none">
            <p style="text-align:left">
                <span style="color:#fe9900;font-size:8pt;font-weight:bold"> 
                Table 13 ARGENTINA External Trade: Exports (Billions of 1993 constant prices and Annual Growth Rates) 
                </span>
                <br><br> 
                Exports 
                <br> 
                Merchandises 
                <br> 
                Agricultural Manufactures 
                <br> 
                Industrial Manufactures 
                <br> 
                Primary 
                <br> 
                Energy 
                <br> 
                Non Factor Services 
                <br> 
                Unit Value of Exports 
                <br> 
                Unit Value of Merchandises 
                <br> 
                Unit Value of Agricultural Manufactures 
                <br> 
                Unit Value of Industrial Manufactures 
                <br> 
                Unit Value of Primary Goods 
                <br> 
                Unit Value of Energy Exports 
                <br> 
                Unit Value of Non Factor Services 
            </p>
            </div>
            <div id="p15" style="display:none">
            <p style="text-align:left">
                <span style="color:#fe9900;font-size:8pt;font-weight:bold"> 
                Table 14 ARGENTINA Agricultural Activity (Planted and Harvested Areas, in Mill. Hectares) 
                </span>
                <br><br> 
                Planted Area, principal crops 
                <br> 
                Planted Area: sunflower 
                <br> 
                Planted Area: corn 
                <br> 
                Planted Area: soybeans 
                <br> 
                Planted Area: sorghum 
                <br> 
                Planted Area: wheat 
                <br> 
                Harvested Area, principal crops 
                <br> 
                Harvested Area: sunflower 
                <br> 
                Harvested Area: corn 
                <br> 
                Harvested Area: soybeans 
                <br> 
                Harvested Area: sorghum 
                <br> 
                Harvested Area: wheat            
            </p>
            </div>
            <div id="p16" style="display:none">
            <p style="text-align:left">
                <span style="color:#fe9900;font-size:8pt;font-weight:bold"> 
                Table 15 ARGENTINA Agricultural Production 
                </span>
                <br><br> 
                Agricultural yield (five crops, thousand tons per hect.) 
                <br> 
                Total production (five crops, thousand tons.) 
                <br> 
                Production of sunflower (thousand tons.) 
                <br> 
                Production of corn (thousand tons.) 
                <br> 
                Production of soybeans (thousand tons.) 
                <br> 
                Production of sorghum (thousand tons.) 
                <br> 
                Production of wheat (thousand tons.) 
                <br> 
                Cattle Slaughter (thousand heads)            
            </p>
            </div>
            <div id="p17" style="display:none">
            <p style="text-align:left">
                <span style="color:#fe9900;font-size:8pt;font-weight:bold"> 
                Table 16 ARGENTINA Agricultural Campaigns 
                </span>
                <br><br> 
                Planted Area, principal crops 
                <br> 
                Planted Area: sunflower 
                <br> 
                Planted Area: corn 
                <br> 
                Planted Area: soybeans 
                <br> 
                Planted Area: sorghum 
                <br> 
                Planted Area: wheat 
                <br> 
                Harvested Area, principal crops 
                <br> 
                Harvested Area: sunflower 
                <br> 
                Harvested Area: corn 
                <br> 
                Harvested Area: soybeans 
                <br> 
                Harvested Area: sorghum 
                <br> 
                Harvested Area: wheat 
                <br> 
                Agricultural yield (five crops, thousand tons per hect.) 
                <br> 
                Total production (five crops, thousand tons.) 
                <br> 
                Production of sunflower (thousand tons.) 
                <br> 
                Production of corn (thousand tons.) 
                <br> 
                Production of soybeans (thousand tons.) 
                <br> 
                Production of sorghum (thousand tons.) 
                <br> 
                Production of wheat (thousand tons.)
            </p>
            </div>
            <div id="p18" style="display:none">
            <p style="text-align:left">
                <span style="color:#fe9900;font-size:8pt;font-weight:bold"> 
                Table 17 ARGENTINA Financial System (Stocks in Billions of US Dollars) 
                </span>
                <br><br> 
                Total Domestic Deposits (end of period) 
                <br> 
                Total Domestic Deposits (average) 
                <br> 
                Loans (average) 
                <br> 
                Loans to Public Sector (average) 
                <br> 
                Loans to Private Sector (average) 
                <br> 
                Deposit Rate in Pesos 30 days (average, in %)
            </p>
            </div>
            <div id="p19" style="display:none">
            <p style="text-align:left">
                <span style="color:#fe9900;font-size:8pt;font-weight:bold"> 
                Table 18 ARGENTINA Prices (Index Numbers and Average Growth Rates) 
                </span>
                <br><br> 
                General Wholesale Price Index 
                <br> 
                Agricultural 
                <br> 
                Non-Agricultural 
                <br> 
                Imported 
                <br> 
                Consumer Price Index 
                <br> 
                Goods 
                <br> 
                Services 
                <br> 
                Price of Investment Goods 
                <br> 
                Equipment 
                <br> 
                Construction 
                <br> 
                Construction Price Index 
                <br> 
                Price of Durable Consumption 
                <br> 
                Price of Cattle 
                <br> 
                Nominal Exchange Rate ($/US$)
            </p>
            </div>
            <div id="p20" style="display:none">
            <p style="text-align:left">
                <span style="color:#fe9900;font-size:8pt;font-weight:bold"> 
                Table 19 ARGENTINA Selected Indicators of the External Sector 
                </span>
                <br><br> 
                US Consumer Price Index (All Urban) 
                <br> 
                US Producer Price Index (Total) 
                <br> 
                GDP US 
                <br> 
                Federal Funds Rate (%) 
                <br> 
                Unit Value of World Exports 
                <br> 
                SDR (dollar value) 
                <br> 
                Oil Prices (WTI) 
                <br> 
                LIBOR 180 days 
                <br> 
                US Treasury 10 Years 
                <br> 
                Argentina's Terms of Trade (1995=100)
            </p>
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